Cousins Properties Incorporated 2006 Annual Report - SNL Financial

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Total Revenues Net Income (Loss)
Company’s
Share of
Net Income (Loss)
2006 2005 2004 2006 2005 2004 2006 2005 2004
SUMMARY OF OPERATIONS:
CP Venture IV LLC entities ...... $ 15,326 $ — $ — $ 2,095 $ — $ — $ 1,831 $ — $ —
CP Venture LLC entities . . ...... 20,546 22,907 23,115 15,577 9,154 8,960 1,792 1,053 1,010
Charlotte Gateway Village, LLC . . .
TRG Columbus Development
30,753 30,586 30,153 5,048 4,468 3,898 1,176 1,158 1,176
Venture, Ltd. . . . ........... 96,737 59,253 — 27,494 16,019 — 10,344 6,668 —
CL Realty, L.L.C. . ........... 24,922 45,836 24,760 11,144 13,354 6,030 6,491 8,902 3,238
Temco Associates, LLC . . . ...... 46,796 30,063 32,095 15,574 8,801 11,107 7,387 3,931 5,106
Crawford Long — CPI, LLC ..... 10,512 9,798 8,781 1,176 936 292 540 419 95
Palisades West, LLC ........... — — — (21) — — (11) — —
Ten Peachtree Place Associates . . . . 6,871 6,950 6,635 664 736 786 373 378 399
Wildwood Associates .......... — 102 39,808 (188) (202) 204,838 (94) (101) 101,066
CSC Associates, L.P. .......... 174 42,027 42,603 289,464 22,071 23,122 142,108 10,963 11,486
Pine Mountain Builders, LLC ..... 17,829 15,541 9,642 2,020 1,782 982 739 725 398
Handy Road Associates, LLC ..... 187 122 — (344) (240) — (293) — —
CPI/FSP I, L.P. . . . ........... — — 6,578 (46) — 30,776 (23) 3 14,127
Brad Cous Golf Venture, Ltd. ..... 182 1,332 1,273 3,131 272 127 1,109 135 64
285 Venture, LLC. . ........... — 2,813 9,715 — 2,978 3,166 13 1,407 1,414
CC-JM II Associates ........... — (38) 4,339 — (23) 39,315 8 330 18,476
Cousins LORET Venture, L.L.C. . . . — — 12,292 — (118) 90,268 3 (59) 45,514
905 Juniper Venture, LLC . ...... — 2,897 — — 714 — — 514 —
Other ..................... — — — — — — (410) 4,529 924
$270,835 $270,189 $251,789 $372,788 $80,702 $423,667 $173,083 $40,955 $204,493
CPV IV — See Note 5.
TRG Columbus Development Venture, Ltd. (“TRG”) — TRG is 40% owned by 50 Biscayne Ventures, LLC
(“Biscayne”), and 60% owned by The Related Group of Florida (“Related”). Biscayne is 88.25% owned by the
Company. TRG is constructing a 529-unit condominium project in Miami, Florida and has a construction loan on
the project allowing it to borrow up to approximately $132 million, at a rate of LIBOR plus 1.75% and a maturity of
June 9, 2008. Biscayne is the limited partner in the venture and recognizes 40% of the income, after a preferred
return to each partner on their equity investment. Biscayne is consolidated with the Company, and the Company
records minority interest for Biscayne’s minority partner’s 11.75% interest.
Gateway — Gateway is a joint venture between the Company and Bank of America Corporation (“BOA”) and
owns and operates Gateway Village, a 1.1 million rentable square foot office building complex in downtown
Charlotte, North Carolina. The project is 100% leased to BOA through 2016. Gateway’s net income or loss and cash
distributions are allocated to the members as follows: first to the Company so that it receives a cumulative
compounded return equal to 11.46% on its capital contributions, second to BOA until it has received an amount
equal to the aggregate amount distributed to the Company and then 50% to each member. Gateway has a mortgage
note payable with an original principal of $190 million, a maturity of December 1, 2016 and an interest rate of
6.41%.
CPV and CPV Two — In 1998, the Company and Prudential formed CPV and CPV Two to own and operate
certain retail and office properties. Through December 29, 2006, the Company owned an 11.5% interest in the
properties owned by CPV Two through its interest in CPV and CPV Two. On December 29, 2006, Prudential
contributed equity in order to repay a maturing mortgage note payable on one of CPV Two’s retail centers. The
Company did not contribute equity, and therefore the ownership interests in CPV Two changed to 89.63% for
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